Startups are growing at a faster rate in the Elizabethtown area than anywhere else in the country, according to data released this month by the Census Bureau.
The data, which tracks a number of business characteristics from the 1970s to 2014, shows startups represent 9 percent of all businesses in the Elizabethtown Metropolitan Statistical Area (MSA). The Elizabethtown MSA includes Hardin, Meade and LaRue counties.
Startups’ share of all businesses has jumped 4.3 percent since 2009, earning the Elizabethtown area the fastest startup growth rate among 366 MSAs, according to analysis by FiveThirtyEight. Startups are firms less than one year old.
The area was home to 179 startups in 2014, creating 711 jobs, the Census Bureau data shows.
The analysis is welcome news in the region, where a number of initiatives have come together to build a vibrant entrepreneurial culture. The Kentucky Innovation Network in Elizabethtown, the Lincoln Trail Venture Group and the University of Kentucky Small Business Development Center in Elizabethtown, just to name a few, are invaluable resources for entrepreneurs and investors.
Additionally, we’re proud to note Elizabethtown not only offers resources – from incubator space and financial resources to seasoned mentors who want to help others succeed – but also offers the quality of place that encourages entrepreneurs to start and grow their business right here.
Other Kentucky areas enjoying startup growth were Bowling Green, ranking third, and Lexington, ranking 14th.